Weekly Rental Agreement

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Weekly Rental Agreement

Brief Introduction About a Weekly Rental Agreement

Sometimes, you may have to rent a place for a few weeks. For example, if you are going on a vacation, having a place to yourself for that time is more convenient. This is achieved with the help of a weekly rental agreement. It is a contract between a landlord and a tenant where the tenancy extends to a week and maybe renewed further. It states the conditions of the tenancy- the weekly rent, when it is to be paid, tenant’s use of the property, his responsibilities, and termination of the tenancy.

While the rent under this agreement is paid every week, there can be alternate arrangements. For example, you can choose to execute a bi-weekly rental agreement where the rent will be due every two weeks (usually on the 1st and 15th of every month). You can also have a weekly room rental agreement, where the tenant, with the landlord’s permission, sublets the room or property to an outsider.

Purpose of a Weekly Rental Agreement

This agreement clarifies the terms between the landlord and the tenant. The tenant is informed about his responsibilities and the use of the property. It avoids miscommunication about the amount of rent to be paid and how it is to be deposited. It allows the tenants to extend their booking one week at a time, depending on their situation. On the other hand, the landlord can terminate the rental arrangement any time during the week if the tenants violate its terms. Since it is in a written form, the parties can refer to it whenever they want. It avoids the limitations of a verbal agreement, which is difficult to prove in case of a dispute.

Contents of a Weekly Rental Agreement Template

A weekly rental agreement form typically has the following key terms:

  • Names of the parties
  • Date of the agreement
  • The objective of the agreement
  • Description of the property
  • Duration of the agreement
  • Weekly rent
  • Deposits
  • Obligations of the tenant
  • Responsibilities of the landlord
  • Number of tenants allowed
  • Pet policy
  • Restrictions on using the property
  • Damage to the property
  • Termination of the agreement
  • Governing law
  • Signature of the parties

[Also Read: Vacation Rental Agreement ]

How to Draft a Weekly Rental Agreement

When drafting a weekly rental lease agreement, ensure that all the provisions are according to applicable federal and state law. Different states have different requirements for this rental agreement. You should be aware of what is required under the law of that particular state for which you are drafting the agreement. You can refer to free weekly rental agreement forms for different states.

The following points are important to note:

  • The names of the parties should be clearly mentioned. The property given for rent must be described, and its address included.
  • The duration of the agreement, whether it is for one week or two weeks, should be stated. This clause should also state if the agreement were renewed automatically after the expiry of the given period. If the tenant has to undertake any activity to express his interest to continue the agreement, that should also be mentioned.
  • The amount of rent and when it is due should be clear. This term should also state how the rent is to be paid, whether in cash or transfer to the landlord’s account.
  • If the landlord is charging a security deposit, it must be stated. It should be charged according to the law of the state. The term should also explain the cases when the deposit will be deducted or entirely forfeited. Any additional deposit, such as a cleaning deposit, should also be mentioned.
  • The agreement should be clear about the tenant’s obligations. These include keeping the premises clean and ensuring that the property is not damaged. If it is, he will have to reimburse the cost of such repair and maintenance.
  • If the landlord has imposed many restrictions on using the property, they should be precisely stated. For example, he may not allow the tenant to use the premises for his business.
  • A separate termination clause discussing the circumstances under which the agreement can be terminated should be drafted. It should also include the requirement of serving notice in a reasonable time. This may vary according to the states. Usually, a 7-day notice is acceptable.

Negotiation Strategy

In this scenario, it is mostly the landlord who dictates the terms. But the tenant can try and negotiate terms such as allowing pets or increasing the number of tenants allowed. Negotiations also depend on the state of the rental market. If it is very competitive, there is little scope for negotiating. It depends on how many of the tenant’s demands the landlord is willing to accommodate.

Benefits and Drawbacks of a Weekly Rental Agreement

Benefits:

  • It allows a landlord to rent his property for short periods.
  • It is flexible. The tenants can move out quickly by giving reasonable notice to the landlord.
  • The landlord can change the terms quickly by signing a new agreement with the tenant.

Drawbacks:

  • Landlords may charge higher rents since the agreement is for a short time.
  • It can be terminated by giving little notice(1). It can be stressful for the tenant to find new accommodation in a short time.

You can refer to weekly rental agreement forms that are free to understand how the agreement is structured. Since each state has its own requirements, the substance and language of some provisions may vary. But it will mostly contain the provisions discussed above. It is important to use an agreement that is reviewed by an attorney. This will prevent any legal liability.